TNAG-2413-FCO40-3515-Hong-Kong-Port-and-Airport-Development-Strategy-(PADS)-fina-1992 — Page 44

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10

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1)

n)

duty free liquor and tobacco concessions;

general retail;

airline and other offices;

i)

baggage handling;

j)

passenger/baggage security.

Estimates

of likely revenues from these sources were prepared by the Master Plan consultants in close consultation with the

Government's Civil Aviation Department.

17.

the

Revenues

from

Real Estate Development

-

subject to

agreement

of

the

Commission, Land Sino-British

it is

proposed that the AA should pay no premium to Government for the grant of the 1248 hectare airport site in view of the high

land production cost involved in forming it which should be offset, in accordance with existing land policy, against the It is premium assessed on the basis of the value of the site.

proposed that

hectares 99

of the site will be developed for airport-related uses, primarily for cargo village (commercial developments for air freight forwarders and related business),

hotels and offices.

The AA will dispose of some of these

sites before

the

completion

the of

airport

in return for

premium payments. The approximately $1.3 billion of revenues

(at

March 1991 prices) expected

from

this source before

completion

of the

airport assists in reducing the level of